Startup News and Updates: Daily Roundup (April 24, 2023)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, April 19, 2023.

Startup News and Updates: Daily Roundup (April 24, 2023)

Monday April 24, 2023,

6 min Read

Funding

Health startup Genefitletics closes pre-seed round at valuation of Rs.7.5 Cr

Delhi-based health startup Genefitletics has raised an undisclosed amount at a pre-money

valuation of Rs.7.5 crore from a group of angels.

The company is dedicated to making breakthrough discoveries in microbial science to bridge the gap between scientific advancements and human health. Genefitletics' platform PROTEBA, combines microbial sequencing, artificial intelligence, and scientific research to develop a pipeline of consumer health solutions, precision diagnostics, and precision biotherapeutics aimed at promoting better health and longevity.

Genefitletics is also the first company in Asia to offer at-home direct-to-customer gut and vaginal microbiome tests. The startup was incubated at IIM Udaipur Incubation center and is also a part of Leap to Unicorn bootcamp program.

Genefitletics

Sushant Kumar, Founder and CEO, Genefitletics

DevX Coworking raises $3 million in pre series A round

Gujarat-based office space provider, DEVX has raised funding of $3 million from marquee investors like Urmin Family Office, Bidiwala Family Office, Navneet Publications, Venus Infrastructure and Structural Consulting firm Ducon. The funds will be used for national and global expansion and grow to 2 million sq feet area from the current 9,00,000 Sq feet under management.

“The immense experience in real estate, structural engineering, investment that the investors bring to the cap table will enable us to put in place even stronger governance practices," said Umesh Uttamchandani, Co-founder – DevX said.

Micro-investing Platform Deciml raises bridge funding round 

Micro-investing mobile application, Deciml has secured a bridge round of funding from a diverse group of well-known influencers, personalities, and companies across various industries. Notable investors include Zakir Khan, Viraj Sawant, Saurabh Abbi, Abhishek Oswal, Chirag Chetan Gandhi, Hemant Ruprell, Shashank Deshpande, Sandeep Kumar Chawda, Rasiklal R. Thakker, Vinit Pardeshi, and Blaze Management Labs LLP. 


The app allows young Indians to automatically invest their spare change. This round is an addendum to the pre-seed round raised in June 2022 of $1 million from strategic investors that includes venture capitalists, entrepreneurs, and innovators such as Unnati Labs, Agility Ventures, and MyAsia VC, and noted names such as Gaurav Munjal, Co-Founder & CEO of Unacademy; Entrepreneur and Investor Dr. Ritesh Malik; CTO of Dunzo, Mukund Jha; Raunak Munot, Co-founder of Bombay Shaving Company, and Bhuvan Bam. Other noted names such as Ranveer Allahbadia, Raj Shamani, Suhani Shah, Praful Billore, Varun Thakur, Viraj Sheth, and Rohit Raj, as well as startup advisors like Abhishek Ponia had also participated in the pre-seed round. 

Founded in 2020, the Pune-based company is helmed by CFA Level 2 and experienced entrepreneur Satyajeet Kunjeer, who has been working to encourage more young Indians towards savings and simplify their entry into the investment ecosystem. So far, the app has received two lakh downloads.

Other news

Gaming CEOs call out Google’s 'extortionist' 30% tax on gaming apps

Top gaming CEOs expressed their concerns over the 30% tax imposed by Google on gaming apps. The CEOs label the move as 'extortionist' during a panel discussion on Monday.

At Consilience 2023, Manish Agarwal, Co-founder, Indigg, stated that the 30% tax on gaming apps is unfair. “I believe in India we should not allow anybody to do this, especially when you’re not an Indian company,” he said. Agarwal also pointed out how in a country like India, the focus needs to be to increase its propensity to pay and reduce friction in spending among consumers. Adding an extra 30% tax on top of the GST is a significant expense for consumers, which he believes is unproductive from a gamer's perspective.

The inaugural Consilience 2023 conference took place in the aftermath of the Ministry of Electronics and Information Technology (MeitY) announcing new online gaming rules.

Air India makes $200M initial investment to use ChatGPT-driven chatbot

Air India

Air India has made an initial investment of $200 million to use ChatGPT-driven chatbot and various other initiatives as part of modernising the airline's digital systems.

The airline, which has embarked on the Vihaan.AI transformation programme, said significant progress has been made in its efforts to modernise its digital systems landscape, with multiple initiatives already completed and many more in progress.

In the coming five years, it plans to sustain this level of investment as it shifts from catching up with global airlines to taking a leadership position. This will involve deploying cutting-edge technologies, ranging from traditional digital solutions to state-of-the-art generative AI, to stay at the forefront of innovation.

In addition to these efforts, Air India is also exploring emerging trends like quantum computing to address complex optimization challenges in the aviation industry. The airline is committed to embracing the latest advancements and staying ahead in the rapidly evolving landscape of digital technologies.

Delhi HC orders CCI to look into ADIF's complaint against Google

The Delhi High Court has ordered the Competition Commission of India (CCI), to look into complaints made by Indian startup body Alliance of Digital India Foundation (ADIF), against Google’s user choice billing system (UCB), on or before April 26 prior to the new in-app purchase billing system going into effect.

According to The Economic Times, ADIF, in its petition, urged the court to ask the CCI to look into its complaints against Google's user choice billing (UCB) system urgently or put the new policy under abeyance pending a review.

The ADIF had alleged that Google was engaging in anti-competitive conduct by implementing the UCB policy, and that it was taking advantage of CCI lacking quorum to look into the industry body's complaints against the tech giant.

S Chand to acquire minority stake in ixamBee

S Chand and Company Limited, along with its subsidiaries has bought a minority stake in AToZLearn Edutech Private Limited, an edtech company helping students with government exam preparation. The round also includes investments from Directors of S Chand, Key Managerial Personnel of S Chand, Mukesh Sharma Family Trust, Inflection Point Ventures (IPV), Firstport Capital, Keiretsu Forum and Others.

ixamBee had earlier raised funds from Mumbai Angels Network, JITO Angel Network, Keyur Joshi (Co-founder MakeMyTrip) and a few noted alumni of the ISB, Hyderabad.

“The focus on providing quality and affordable learning to students in semi-urban and rural areas, so that their aspirations and dreams can be a reality, is in line with the S Chand vision of quality and affordable education opportunities,” says Himanshu Gupta, Managing Director, S Chand Group.

(The copy will be updated throughout the day with the latest news.)


Edited by Akanksha Sarma

Montage of TechSparks Mumbai Sponsors